The next entry in the theme of Corona Virus stocks is Inovio Pharmaceuticals Inc. Inovio has had a steady advance during the COVID-19 spreading worldwide. It also remains very technical as with all other stocks. Lets take a look at what they do as a company:
“The Inovio technology is based on inserting engineered DNA into cells where it becomes incorporated into proteins involved in the immune response to cancers and viruses by producing T cells and antibodies that aid recovery from infection. The technology can be “targeted” to specific types of cancer and immune diseases, such as those produced by a virus.”
Inovio has had an impressive rally so far this year. The Elliott Wave view seems to be counting technically clean. Let’s take a look below at the Daily view.
Inovio Daily Elliott Wave
Medium term term view from 10/02/2019 lows of 1.92. Wave ((1)) was set at 2.55 on 10/16/2019 and wave ((2)) at 2.09 on 10/31/2019. From there, Inovio had some nesting which resulted in an extended wave ((3)). Wave ((3)) is favoured to be set at 19.36 on 3/09/2019. The count is getting mature to start chasing new longs. After a wave ((5)) of Red I is complete, a lengthy multi month correction may take place in 3,7 or 11 swings before more upside is expected to resume.
Risk Management
when trading or investing in a volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
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